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Fraud*According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain*As defined in Wikipedia

Goldman will pay a social services provider to design and oversee the program. Why is Goldman needed as a middleman? The government could save itself the cost of the fee to be paid to Goldman. Goldman is interested only in the outcome (i.e., its payday) and not in the procedures and means to assist young people.

Some services that fulfill public needs are better provided by government. The rehabilitation of youthful offenders is one of those things. Goldman Sachs is all about profit and profit is a poor motivator for performing public good, as we have seen from their role in the financial meltdown of 2008.

The article claims that Goldman will save money for the taxpayers. When was the last time that Goldman saved money for the taxpayer?

Then there is this circularity: Mayor Bloomberg==>Bloomberg Philanthropies=>MDRC=>Goldman Sachs=>NYCity Jail Program=>Mayor Bloomberg. It all makes sense now!

So
if I understand this correctly, since governments can't afford to
finance social services, we should look to the private sector, and
especially those members of the private sector who need a PR boost (like
the banks that brought down our economy), to fund areas that are really
governments' responsibility. These very same banking interests oppose
any type of tax increases for the wealthiest among us, which might make
it easier for the public sector to actually fund and manage needed
social services.

Our prison system is already in the process of
being taken over by the private sector and this just continues the
process with the added irony that these Wall Street crooks deserve to be
incarcerated much more than the teenage drug dealers and users who currently make up such a large part of our prison population. But then,
that will never happen in our "justice" system. (comments on article below)

In New York City, Mayor Michael R. Bloomberg
plans to announce on Thursday that Goldman Sachs will provide a $9.6
million loan to pay for a new four-year program intended to reduce the
rate at which adolescent men incarcerated at Rikers Island reoffend
after their release.

The money is not a huge amount for Goldman, which last month reported over $900 million in second-quarter profit,
and the investment promises a public-relations benefit for the Wall
Street bank. For the city, the money allows the Bloomberg administration
to demonstrate, and test, several of its priorities: enlisting private
sector help in financing public needs, and tying program money to
rigorous outcome evaluations.

The Goldman money will be used to pay MDRC,
a social services provider, to design and oversee the program. If the
program reduces recidivism by 10 percent, Goldman would be repaid the
full $9.6 million; if recidivism drops more, Goldman could make as much
as $2.1 million in profit; if recidivism does not drop by at least 10
percent, Goldman would lose as much as $2.4 million.

“This promising financing model has potential to transform the way
governments around the country fund social programs, and as first in the
nation to launch it, we are anxious to see how this bold road map for
innovation works,” Mr. Bloomberg said in a statement.

“Social impact bonds have potential upside for investors,” he added,
“but citizens and taxpayers stand to be the biggest beneficiaries.”

In a twist that differentiates New York’s plan from other governments’
experiments with social impact bonds, Mr. Bloomberg’s personal
foundation, Bloomberg Philanthropies, will provide a $7.2 million loan
guarantee to MDRC.

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